Bitcoin Cash, like much of the cryptocurrency market, has stagnated in terms of price action over the past six weeks as it clings on to the tight range between $230 and $240.
The period of relative calm comes after a turbulent couple of months spurred by the Coronavirus pandemic and subsequent economic fallout.
Bitcoin Cash plunged to as low as $145 at the height of the crisis in March before recovering by nearly 100% in the following month.
However, since surging to $285 Bitcoin Cash has been consolidating at around $240 with an apparent lack of interest on both the sell side and the buy side.
From a short term perspective there has been slight dips to $221 and spikes to $266, but the daily 200 moving average remains a key point of resistance to the upside.
Bitcoin Cash seems to be following the cryptocurrency market in general, with a number of altcoins like XRP and Litecoin both struggling beneath the daily 200MA.
A daily or weekly candle close above this level would confirm a bullish breakout and would pave the way for a test $282, with an upside price target also emerging at $327.
Much of the upcoming price action will also depend on Bitcoin, which seems to be correlated with the US stock market.
Economic stimulus from global economies has the potential the drive stock market indexes to new all-time highs, and if this happens Bitcoin will likely follow bringing altcoins in its wake.
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About Bitcoin Cash
Bitcoin Cash was born out of the idea of making Bitcoin more practical for small, day-to-day payments. In May 2017, Bitcoin payments took about four days unless a fee was paid, which was proportionately too large for small transactions. A change to the code was implemented and Bitcoin Cash was born on 1st August 2017.
More Bitcoin Cash news and information
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As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.